Millstone Evans Group, LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 2, 2026), Millstone Evans Group, LLC reported 855 stock positions worth $170.0 million. Its top holding was Apple (AAPL) at 9.1% of the portfolio, followed by Nvidia (NVDA, 8.9%) and Microsoft (MSFT, 4.9%). Compared with Q3 2025, it opened 41 new positions, sold out of 20, added to 115 and reduced 78. The biggest buy was a new position in Schwab Fndmntl US LRG Co. ETF (FNDX) and the biggest sale Raymond James Financial (RJF, shares −3%).
- Most Recent 13F
- Q2 2026
- Location
- BOULDER, CO
- CIK
- 0002041943
- Portfolio Value
- $170.0M (Q4 2025)
- SEC Filing
- 0002041943-26-000001 ↗ filed Feb 2, 2026
Holdings Value
Holdings 855 stocks · $170.0M
| AAPL Apple Inc. | 9.08% | 56,783 | $15.4M | Reduce -0.3% |
| NVDA Nvidia Corp. | 8.87% | 80,792 | $15.1M | No change |
| MSFT Microsoft Corp. | 4.93% | 17,320 | $8.4M | Add +10.0% |
| BRK.B Berkshire Hathaway Inc. Class B | 3.16% | 10,672 | $5.4M | Reduce -1.2% |
| ORCL Oracle Corp. | 2.48% | 21,589 | $4.2M | Add +7.4% |
| GOOG Alphabet Inc. Class C | 2.34% | 12,664 | $4.0M | Reduce -3.5% |
| JPM JPMorgan Chase & Co. | 2.14% | 11,297 | $3.6M | Reduce -0.5% |
| IWS iShares Russell Mid-Cap Valu | 1.89% | 22,781 | $3.2M | Add +7.5% |
| IMCV iShares Morningstar Mid-Cap | 1.86% | 38,400 | $3.2M | Add +6.1% |
| RJF Raymond James Financial Inc. | 1.79% | 18,995 | $3.1M | Reduce -2.5% |
| GOOGL Alphabet Inc. Class A | 1.60% | 8,705 | $2.7M | Reduce -4.5% |
| AMZN Amazon.com Inc. | 1.51% | 11,117 | $2.6M | Add +12.1% |
| JNJ Johnson & Johnson | 1.24% | 10,214 | $2.1M | Add +2.3% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 1.14% | 6,533 | $1.9M | Add +4.4% |
| LECO Lincoln Electric Holdings | 1.14% | 8,056 | $1.9M | No change |
| EMLP First Trust North American E | 1.05% | 47,043 | $1.8M | Add +0.9% |
| VOO Vanguard S&P 500 ETF | 1.05% | 2,834 | $1.8M | Add +51.9% |
| TMO Thermo Fisher Scientific Inc. | 1.02% | 3,002 | $1.7M | Reduce -1.5% |
| MDY State Street SPDR S&P Midcap | 0.96% | 2,712 | $1.6M | Reduce -1.6% |
| GE General Electric filed as GE AEROSPACE | 0.96% | 5,281 | $1.6M | Add +0.3% |
| MRK Merck & Co. Inc. | 0.84% | 13,586 | $1.4M | Add +6.2% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.76% | 1,882 | $1.3M | No change |
| VYMI Vanguard Int High DVD YLD Inc. | 0.72% | 13,552 | $1.2M | Add +272.8% |
| LLY Eli Lilly & Co. | 0.70% | 1,101 | $1.2M | No change |
| WAT Waters Corp. | 0.69% | 3,107 | $1.2M | No change |
| FNDX Schwab Fndmntl US LRG Co. ETF | 0.68% | 42,631 | $1.2M | New |
| PWRD TCW Transform Systems ETF | 0.62% | 10,889 | $1.0M | Reduce -1.4% |
| SBUX Starbucks Corp. | 0.59% | 11,834 | $997K | Add +8.0% |
| PG The Procter & Gamble Co. | 0.58% | 6,863 | $984K | Reduce -1.8% |
| NSC Norfolk Southern Corp. | 0.57% | 3,327 | $961K | Reduce -1.0% |
| ADP Automatic Data Processing | 0.56% | 3,727 | $959K | Add +5.7% |
| DFAC Dimensional US Core Equity 2 | 0.55% | 23,430 | $928K | Add +1.9% |
| V Visa Inc. Class A | 0.51% | 2,488 | $873K | Reduce -0.0% |
| AXP American Express Co. | 0.51% | 2,342 | $866K | Reduce -3.6% |
| GEV GE Vernova Inc. | 0.51% | 1,315 | $859K | Add +1.3% |
| IWM iShares Russell 2000 ETF | 0.50% | 3,448 | $849K | Add +2.2% |
| MMM 3M Co. | 0.49% | 5,180 | $829K | No change |
| COST Costco Wholesale Corp. | 0.47% | 928 | $800K | No change |
| CSCO Cisco Systems Inc. | 0.46% | 10,187 | $785K | Add +1.0% |
| VYM Vanguard High DVD Yield ETF | 0.44% | 5,182 | $744K | Add +164.0% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.43% | 13,337 | $734K | Add +8.3% |
| COWZ Pacer US Cash Cows 100 ETF | 0.43% | 12,189 | $733K | Reduce -1.9% |
| PEP Pepsico Inc. | 0.43% | 5,084 | $730K | Reduce -5.2% |
| ABBV Abbvie Inc. | 0.41% | 3,035 | $693K | Add +13.9% |
| WRN Western Copper and Gold Corp. | 0.41% | 258,926 | $691K | Reduce -10.4% |
| PNC PNC Financial Services Group | 0.39% | 3,151 | $658K | Reduce -0.1% |
| IWF iShares Russell 1000 Growth | 0.39% | 1,385 | $656K | Add +6.6% |
| CRM Salesforce Inc. | 0.38% | 2,468 | $654K | Add +3.6% |
| CALF PCR US SM CP CSH CWS ETF-Usd | 0.38% | 14,625 | $649K | Reduce -6.3% |
| CVX Chevron Corp. | 0.37% | 4,138 | $631K | Add +16.4% |
| SYK Stryker Corp. | 0.37% | 1,792 | $630K | Add +16.2% |
| XOM Exxon Mobil Corp. | 0.34% | 4,833 | $582K | Add +0.4% |
| ESGV Vanguard ESG US Stock ETF | 0.34% | 4,761 | $576K | Add +57.1% |
| T AT&T Inc. | 0.34% | 23,172 | $576K | Add +1.0% |
| CWS Advisorshares Equity Focused | 0.33% | 8,226 | $565K | Reduce -11.8% |
| WMT Walmart Inc. | 0.33% | 5,071 | $565K | Reduce -2.5% |
| GLDM SPDR Gold Minishares Trust | 0.33% | 6,499 | $555K | Add +142.8% |
| RDVY First Trust Rising Dividend | 0.31% | 7,604 | $528K | No change |
| RSP Invesco S&P 500 Equal Weight | 0.31% | 2,747 | $526K | Add +0.0% |
| UBSI United Bankshares Inc. | 0.30% | 13,328 | $512K | No change |
| TSM Taiwan Semiconductor-SP ADR | 0.28% | 1,592 | $484K | Reduce -5.0% |
| XLV SS Health Care Select Sector | 0.28% | 3,094 | $479K | No change |
| SCHP Schwab U.S. Tips ETF | 0.28% | 17,753 | $470K | New |
| GLW Corning Inc. | 0.27% | 5,326 | $466K | No change |
| FLEX Flex Ltd. | 0.27% | 7,625 | $461K | No change |
| VZ Verizon Communications Inc. | 0.27% | 11,310 | $461K | Reduce -3.6% |
| MDT Medtronic PLC | 0.27% | 4,780 | $459K | Add +33.1% |
| MCD McDonald's Corp. | 0.27% | 1,494 | $457K | Reduce -1.5% |
| DCOR Dimensional US Core Eq 1 ETF | 0.26% | 5,900 | $434K | Reduce -7.2% |
| VXUS Vanguard Total Intl Stock | 0.25% | 5,728 | $432K | Add +69.0% |
| KVUE Kenvue Inc. | 0.25% | 25,047 | $432K | Reduce -0.5% |
| JPST JPMorgan Ultra-Short Income | 0.25% | 8,462 | $428K | No change |
| NVS Novartis AG-Sponsored ADR | 0.25% | 3,102 | $428K | No change |
| IJH iShares Core S&P Midcap ETF | 0.25% | 6,450 | $426K | Add +25.2% |
| HD Home Depot Inc. | 0.25% | 1,211 | $417K | No change |
| VIG Vanguard Dividend Apprec ETF | 0.24% | 1,883 | $414K | Add +136.0% |
| DFIC Dimensional International Co. | 0.24% | 11,911 | $410K | Add +1.5% |
| JCI Johnson Controls Internation | 0.24% | 3,427 | $410K | Add +2.6% |
| EMR Emerson Electric Co. | 0.24% | 3,036 | $403K | Add +74.1% |
| SCHD Schwab US DVD Equity ETF | 0.24% | 14,644 | $402K | Add +88.4% |
| CMCSA Comcast Corp. Class A | 0.23% | 13,071 | $391K | Add +3.9% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.23% | 1,506 | $388K | Add +1187.2% |
| BKNG Booking Holdings Inc. | 0.22% | 71 | $380K | No change |
| MA Mastercard Inc. Class A | 0.22% | 651 | $372K | Add +3.8% |
| UNP Union Pacific Corp. | 0.21% | 1,548 | $358K | Reduce -11.0% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.21% | 732 | $357K | Add +16.4% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.21% | 3,083 | $351K | Add +25.5% |
| DE Deere & Co. | 0.20% | 739 | $344K | No change |
| XLF SS Financial Select Sector | 0.20% | 6,113 | $335K | No change |
| TGT Target Corp. | 0.20% | 3,416 | $334K | Reduce -2.1% |
| FNDF Schwab Fndmn Intl LRG Co. ETF | 0.19% | 7,190 | $325K | New |
| VWO Vanguard Ftse Emerging Marke | 0.19% | 6,027 | $324K | Add +338.6% |
| ICFI Icf International Inc. | 0.19% | 3,752 | $320K | No change |
| SHW The Sherwin-Williams Co. | 0.19% | 987 | $320K | No change |
| BUSE First Busey Corp. | 0.19% | 13,350 | $318K | No change |
| IEFA iShares Core MSCI Eafe ETF | 0.19% | 3,539 | $317K | Add +208.3% |
| BABA Alibaba Group Holding-SP ADR | 0.19% | 2,154 | $316K | Reduce -19.2% |
| BMY Bristol-Myers Squibb Co. | 0.18% | 5,743 | $310K | Reduce -9.2% |
| IYF iShares US Financials ETF | 0.18% | 2,367 | $305K | No change |
| AGG iShares Core U.S. Aggregate | 0.18% | 3,025 | $302K | Add +14304.8% |
Other holdings (2): bonds, preferreds, convertibles and warrants · $4K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| NEXTERA ENERGY INC (NEE 7.234 11/01/27) | UNIT 11/01/2027 | 75 | $4K | No change |
| HP ENTERPRISE CO (HPE 7.625 09/01/27) | 7.625 MAND CONV | 12 | $800 | No change |
Total filed on the 13F, all lines: $170.0M.
Portfolio Sells Q3 2025 → Q4 2025
| RJF Raymond James Financial Inc. | Reduce -2.5% | 1.79% | −0.34 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -1.2% | 3.16% | −0.29 |
| JPM JPMorgan Chase & Co. | Reduce -0.5% | 2.14% | −0.13 |
| AAPL Apple Inc. | Reduce -0.3% | 9.08% | −0.13 |
| BABA Alibaba Group Holding-SP ADR | Reduce -19.2% | 0.19% | −0.12 |
| PG The Procter & Gamble Co. | Reduce -1.8% | 0.58% | −0.10 |
| MDY State Street SPDR S&P Midcap | Reduce -1.6% | 0.96% | −0.08 |
| NSC Norfolk Southern Corp. | Reduce -1.0% | 0.57% | −0.08 |
| CWS Advisorshares Equity Focused | Reduce -11.8% | 0.33% | −0.07 |
| PWRD TCW Transform Systems ETF | Reduce -1.4% | 0.62% | −0.07 |
| VZ Verizon Communications Inc. | Reduce -3.6% | 0.27% | −0.06 |
| CALF PCR US SM CP CSH CWS ETF-Usd | Reduce -6.3% | 0.38% | −0.05 |
| UNP Union Pacific Corp. | Reduce -11.0% | 0.21% | −0.05 |
| PEP Pepsico Inc. | Reduce -5.2% | 0.43% | −0.05 |
| IYK iShares US Consumer Staples | Sold out | 0.00% | −0.05 |
| APD Air Products & Chemicals Inc. | Reduce -4.0% | 0.17% | −0.04 |
| OBDC Blue Owl Capital Corp. | Sold out | 0.00% | −0.04 |
| DCOR Dimensional US Core Eq 1 ETF | Reduce -7.2% | 0.26% | −0.04 |
| HON Honeywell International Inc. | Reduce -53.0% | 0.02% | −0.03 |
| MRSH Marsh & McLennan Cos | Reduce -5.5% | 0.14% | −0.03 |
| UPGD Invesco Bloomberg Analyst Ra | Reduce -7.5% | 0.18% | −0.03 |
| GIS General Mills Inc. | Reduce -10.5% | 0.10% | −0.03 |
| ZTS Zoetis Inc. | Reduce -65.1% | 0.01% | −0.03 |
| KMB Kimberly-Clark Corp. | Reduce -17.6% | 0.04% | −0.03 |
| V Visa Inc. Class A | Reduce -0.0% | 0.51% | −0.03 |
| MCD McDonald's Corp. | Reduce -1.5% | 0.27% | −0.02 |
| DFSD Dimensional Short Duration | Reduce -9.8% | 0.11% | −0.02 |
| NNN NNN REIT Inc. | Reduce -76.3% | 0.01% | −0.02 |
| COWZ Pacer US Cash Cows 100 ETF | Reduce -1.9% | 0.43% | −0.02 |
| GLD SPDR Gold Shares | Reduce -17.0% | 0.13% | −0.02 |
| DFGX Dimsnl Intr CF in ETF-Usd Inc. | Reduce -9.7% | 0.08% | −0.02 |
| STE Steris PLC | Reduce -10.3% | 0.10% | −0.02 |
| ITOT iShares Core S&P Total U.S. | Reduce -8.5% | 0.10% | −0.02 |
| TSLA Tesla Inc. | Reduce -86.4% | 0.00% | −0.02 |
| PNC PNC Financial Services Group | Reduce -0.1% | 0.39% | −0.02 |
| PAYX Paychex Inc. | Reduce -98.5% | 0.00% | −0.02 |
| GPC Genuine Parts Co. | Reduce -94.0% | 0.00% | −0.02 |
| SNPS Synopsys Inc. | Reduce -76.4% | 0.00% | −0.01 |
| DFCF Dimensional Core Fixed Inc. | Reduce -1.9% | 0.13% | −0.01 |
| DVN Devon Energy Corp. | Reduce -23.5% | 0.04% | −0.01 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -5.0% | 0.28% | −0.01 |
| POST Post Holdings Inc. | Reduce -35.5% | 0.01% | −0.01 |
| BBY Best Buy Co. Inc. | Reduce -17.3% | 0.02% | −0.01 |
| CI The Cigna Group | Reduce -3.3% | 0.06% | −0.01 |
| DFEM Dimensional Emrg MRKT Core | Reduce -4.5% | 0.09% | −0.01 |
| LPLA LPL Financial Holdings Inc. | Reduce -44.3% | 0.01% | −0.01 |
| DGCB Dimensional Global Credit | Reduce -2.2% | 0.06% | −0.01 |
| USFD US Foods Holding Corp. | Reduce -44.0% | 0.01% | −0.01 |
| PRMB Primo Brands Corp. | Reduce -6.0% | 0.01% | −0.01 |
| WMT Walmart Inc. | Reduce -2.5% | 0.33% | −0.01 |
Portfolio Buys Q3 2025 → Q4 2025
| FNDX Schwab Fndmntl US LRG Co. ETF | New | 0.68% | +0.68 |
| VYMI Vanguard Int High DVD YLD Inc. | Add +272.8% | 0.72% | +0.52 |
| VOO Vanguard S&P 500 ETF | Add +51.9% | 1.05% | +0.32 |
| SCHP Schwab U.S. Tips ETF | New | 0.28% | +0.28 |
| VYM Vanguard High DVD Yield ETF | Add +164.0% | 0.44% | +0.26 |
| VB Vanguard Most SM-Cap ETF-Usd | Add +1187.2% | 0.23% | +0.21 |
| GLDM SPDR Gold Minishares Trust | Add +142.8% | 0.33% | +0.20 |
| FNDF Schwab Fndmn Intl LRG Co. ETF | New | 0.19% | +0.19 |
| AGG iShares Core U.S. Aggregate | Add +14304.8% | 0.18% | +0.18 |
| MRK Merck & Co. Inc. | Add +6.2% | 0.84% | +0.16 |
| VWO Vanguard Ftse Emerging Marke | Add +338.6% | 0.19% | +0.14 |
| OAKM Oakmark US Large Cap ETF | New | 0.14% | +0.14 |
| VIG Vanguard Dividend Apprec ETF | Add +136.0% | 0.24% | +0.13 |
| AMZN Amazon.com Inc. | Add +12.1% | 1.51% | +0.13 |
| IEFA iShares Core MSCI Eafe ETF | Add +208.3% | 0.19% | +0.12 |
| VTI VG Morningstar TS MKT ETF-US | Add +1306.7% | 0.12% | +0.12 |
| ESGV Vanguard ESG US Stock ETF | Add +57.1% | 0.34% | +0.11 |
| SCHD Schwab US DVD Equity ETF | Add +88.4% | 0.24% | +0.10 |
| VXUS Vanguard Total Intl Stock | Add +69.0% | 0.25% | +0.10 |
| EMR Emerson Electric Co. | Add +74.1% | 0.24% | +0.09 |
| FNDE Schwab Fndmntl Em MRK Eq ETF | New | 0.07% | +0.07 |
| JNJ Johnson & Johnson | Add +2.3% | 1.24% | +0.07 |
| VOE Vngrd Mrngstr MD-Cap Val ETF | New | 0.06% | +0.06 |
| IYW iShares Ustechnology ETF | New | 0.05% | +0.05 |
| MDT Medtronic PLC | Add +33.1% | 0.27% | +0.05 |
| VGK Vanguard Ftse Europe ETF | Add +58.4% | 0.13% | +0.05 |
| VPL Vanguard Ftse Pacific ETF | New | 0.05% | +0.05 |
| GSLC Goldman Activebeta US LC ETF | Add +190.7% | 0.07% | +0.04 |
| DRI Darden Restaurants Inc. | Add +63.6% | 0.14% | +0.04 |
| MCHI iShares MSCI China ETF | New | 0.04% | +0.04 |
| SUSC iShares ESG Aware Usd Corpor | New | 0.04% | +0.04 |
| VTEB Vanguard Tax-Exempt Bond ETF | Add +138.1% | 0.08% | +0.04 |
| NUBD Nuveen ESG US Aggregate Bond | Add +84.5% | 0.11% | +0.04 |
| INTC Intel Corp. | Add +51.5% | 0.11% | +0.04 |
| USSG Xtrackers MSCI USA Sele Eqty | New | 0.04% | +0.04 |
| IJH iShares Core S&P Midcap ETF | Add +25.2% | 0.25% | +0.04 |
| XMHQ Invesco S&P Midcap Qual ETF | New | 0.04% | +0.04 |
| AKRE Akre Focus ETF | New | 0.03% | +0.03 |
| BAC Bank of America Corp. | Add +8.3% | 0.43% | +0.03 |
| DIS The Walt Disney Co. | Add +25.5% | 0.21% | +0.03 |
| KO The Coca-Cola Co. | Add +38.4% | 0.10% | +0.03 |
| CRM Salesforce Inc. | Add +3.6% | 0.38% | +0.03 |
| SUSB iShares ESG Aware 1-5 Year U | New | 0.02% | +0.02 |
| CSCO Cisco Systems Inc. | Add +1.0% | 0.46% | +0.02 |
| BX Blackstone Inc. | Add +66.1% | 0.07% | +0.02 |
| FRDM Freedom 100 Emeging MRKT ETF | Add +99.7% | 0.04% | +0.02 |
| NUEM Nuveen ESG Emerging Markets | New | 0.02% | +0.02 |
| CVX Chevron Corp. | Add +16.4% | 0.37% | +0.02 |
| SHYG iShares 0-5 YR HY Corp. Bond | New | 0.02% | +0.02 |
| IHI iShares U.S. Medical Devices | Add +84.4% | 0.04% | +0.02 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 874 | $184.8M | NVDA, AAPL, BLDX, MSFT, BRK.B |
| Q1 2026 | 854 | $166.6M | AAPL, NVDA, MSFT, BRK.B, GOOG |
| Q4 2025 | 855 | $170.0M | AAPL, NVDA, MSFT, BRK.B, ORCL |
| Q3 2025 | 832 | $157.4M | NVDA, AAPL, MSFT, ORCL, BRK.B |
| Q2 2025 | 762 | $146.7M | NVDA, AAPL, MSFT, BRK.B, ORCL |
| Q1 2025 | 796 | $147.4M | AAPL, NVDA, MSFT, BRK.B, DFAC |
| Q4 2024 | 732 | $146.7M | AAPL, NVDA, MSFT, DFAC, BRK.B |